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The Third Guinea coin is unique among British Gold coins in having been produced exclusively in the reign of one monarch, namely George III. It was introduced in 1797 when Gold was in short supply thanks to the effects of the French Revolutionary wars, and Banknotes were given legal tender status in any amount. In order to pay the Bank's dividends it was decided to produce what at the time were known as seven-shilling pieces, with odd amounts of the dividend being paid in Silver coins.

A total of £315,000 worth of coins was authorised in October 1797. The denomination was struck each year until 1813, with the exception of 1805, 1807, and 1812. Between 1800 and 1812 Third and Half Guineas were the only Gold coins issued. Third Guineas weighed 2.8 grams and were 17 Millimetres in diameter.